ADB okays $1.5 billion for Pakistan to support flood relief efforts

MANILA: The Asian Development Bank (ADB) approved $1.5 billion in financing to help Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods on Friday.

The news was confirmed by Finance Minister Ishaq Dar through his official Twitter handle.

AlhamdoLilah!
Asian Development Bank’s Board has approved today BRACE facility of US Dollars 1.5 Billion for Pakistan.
Agreement signing and release of funds in the week beginning Monday 24th Oct 2022.

— Ishaq Dar (@MIshaqDar50) October 21, 2022

The loan, provided under ADB’s Building Resilience with Active Countercyclical Expenditures (BRACE) Program, will help fund the government’s $2.3 billion countercyclical development expenditure programme designed to cushion the impacts of external shocks, including the Russian invasion of Ukraine.

Read more: ADB plans $14bn to address food crisis in Asia, Pacific

It may be noted that the Asian Development Bank (ADB) announced providing $ 2.3 to 2.5 billion to Pakistan for flood relief efforts.

According to a press release issued by the Finance Division, the announcement was made during a meeting between Finance Minister Ishaq Dar and ADB Country Director for Pakistan Yong Ye.